Few hours after the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu GCFR made official presentation of the 2025 Budget of restoration to the country, several reactions have trailed the provisions thereto.
9News Nigeria reports that many financial experts have spotted and criticized certain key features contained in the 2025 budget as presented before the National Assembly today Wednesday December 18, 2024 by Mr President.
It has been argued to a logical conclusion that FG targeting 34.82 trillion in revenue to fund the budget. And, still, the government expenditures is to be 47.90 trillion including 15.81 trillion for debt servicing is a charade.
There’s indication that probably, there is a likelihood of budget deficit next year 2025 and likely, Nigeria will not be free from foreign’s loan, investigation revealed.
In the overview of the 2025 budget, President Tinubu shared the following insights:
“In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.
“Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.
“A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.
“This is an ambitious but necessary budget to secure our future.
“The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).”
However, President Tinubu stated that the Presidential budget presentation has a green indication that will reassure economic restoration in the country as 9News reports.
In his words, “Today, I presented the proposal for the ‘2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity’ to the Joint Session of the National Assembly.
“This budget reflects our administration’s unshakable commitment to stabilising our economy, improving lives, and paving the way for a brighter future for every Nigerian.
“The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.”
“Together, we have embarked on a journey of transformation and reform, and while the road has not been easy, the progress we’ve made is undeniable.
“We have witnessed economic growth of 3.46% in Q3 2024, up from 2.54% in Q3 2023. Our foreign reserves now stand at $42 billion, providing robust economic security, and we now have a trade surplus of ₦5.8 trillion, reflecting the resilience of our policies.
“The 2025 Budget is ambitious but necessary and we have earmarked record allocations in some key areas:
• ₦4.91 trillion for Defence and Security
• ₦4.06 trillion for Infrastructure
• ₦3.52 trillion for Education
• ₦2.48 trillion for Health
“We are building a Nigeria where peace reigns, opportunities abound, and every citizen can dream, work, and thrive in safety.
“Let us move forward, not as individuals but as one united nation, determined to rewrite our story for the generations to come.
Meanwhile, key features of the 2025 budget allocations are:
- Defence and Security: N4.91 trillion.
- Infrastructure: N4.06 trillion.
- Health: N2.48 trillion.
- Education: N3.52 trillion.
However, there are a lot of expectations by Nigerians to see Tinubu’s administration surpass that of the People’s Democratic Party PDP that ruled for sixteen (16) years without any lasting legacy to show.
In comparison, the Tinubu’s few years in administration has surpassed that of PDP administration by record, Nigerians can attest to this fact.
Though Ex- President Buhari has established some templates, the Tinubu’s administration is expected to improve the economy of the country, improve the Agric empowerment sector, the Oil and Gas to fund local refineries and power generation.
At a sustainable reduction on fuel pump price to N500 per liter and supply of constant electricity, both the manufacturing and production sectors in Nigeria will automatically stabilize. By then, insecurity can be accurately subsumed and taken care of by massive reduction of stress and starvation in the land.
There is also emergency need to diversify and subsidize economy to empower both the agricultural mechanization and industrialization and rapid technological growth will be established just as countries like China, US, Singapore , Dubai, South Africa to say but a few have developed.
Time is of essence and Nigerians are expecting better governance respective of what the provisions of the budget has stated. The renewed hope agenda has to be all inclusive and humane oriented.
-Princely Onyenwe reporting